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Prudential Downgrades Bowater to 'Sell'

Prudential downgraded Bowater (BOW) to sell from hold.

Analyst John Tumazos says the results from the paper and printing company's specific mix of business appears to be improving at a slower rate than even weak recoveries he forecast for other paper companies. Tumazos thinks it is possible that a $20 portion of the announced $50 per metric tonne August price hike that he expects for the December quarter could reverse partly in the seasonally slower March 2003 quarter.

He widened his $2.09 2002 loss estimate to a $2.22 loss, and cut the $0.67 2003 loss estimate to $1.63. He also cut the $40 target to $28.

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